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{Se
ction 44}
(1) Special Resolution: The Company in general meeting must pass a special
resolution altering its articles.
(2) Increase in Members/Directors: If the number of members is below seven, steps
should
be taken to increase it to at least seven whilst the number of directors should
be
increased to at least three, if there are only two directors.
(3) The word “Private’’ is to be deleted before the word “Limited’’ in the name.
(4) Within 30 days of the passing of the special resolution altering the ; articles,
the
company shall file with the Registrar (i) a printed or type-written copy of the special
resolution, and (ii) a prospectus or a statement in lieu of prospectus [Sec. 44(a)].
CONVERSION OF PUBLIC COMPANY INTO A PRIVATE COMPANY
(1) Special Resolution: The Company in general meeting must pass a special
resolution
altering its articles.
MEMORANDOM OF ASSOCIATION
objects of the company’s formation and the utmost possible scope of its operations
beyond
which its actions cannot go. Thus, it defines as well as confines the powers of the company.
If anything is done beyond these powers, that will be ultra vires (beyond powers of) the
company and so void
CON TEN TS OF M EM ORAN DOM OF ASSOCIATION
Section 13 requires the memorandum of a limited company to contain: (i) the name
of
the company, with “limited” as the last word of the name in the case of a public company,
and “private limited” as the last words in the case of a private company; (ii) the name of the
State, in which the registered office of the company is to be situated; (iii) the objects of
the
company, stating separately “Main objects” and “other objects”; (iv) the declaration that the
liability of the members is limited; and (v) the amount of the authorized share capital, divided
into shares of fixed amounts.
If anything is done beyond the powers and objects of the company mentioned in its memorandum that will be
ultra vires the company and so void. Its main object is to protect the interests of the share holders and all others
who deal with the company .
ARTICLES OF ASSOCIATION
Articles of association of a company are its bylaws or rules that may govern the
management of its internal affairs and the conduct of the business
1. The alteration must not exceed the powers given by the memorandum of
association
2. The alteration must not be inconsistent with any provision of the Companies Act,
For example, no company can purchase its own shares